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Financial Analysis of a Company, Industry Or Past Performance

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Financial Analysis of a Company, Industry Or Past Performance Advanced Financial Management (2012) ADVANCED FINANCIAL MANAGEMENT Automobile and Parts Industry Submitted to: Mr. Abdul Jabbar Kasim Submitted by: Madeeha Malik Adeel A. Siddiqui Date of Submission: August 07th, 2012. 1 | Page Advanced Financial Management (2012) Table of Contents Executive Summary ........................................................................................................................... 3 Industry at a Glance – Taking the Bull by its horns ............................................................................. 4 Financial Comparison ........................................................................................................................ 4 Key Financial Ratios ....................................................................................................................... 4 Profitability/Efficiency Ratios ......................................................................................................... 6 Earnings per Share and Break-up Value ......................................................................................... 7 Competitor Analysis .......................................................................................................................... 8 Past Performance Analysis ........................................................................................................... 12 Al-Ghazi Tractors Ltd. ............................................................................................................... 12 Atlas Honda Ltd. ...................................................................................................................... 15 Atlas Battery Ltd. ..................................................................................................................... 17 Indus Motor Company Ltd. ...................................................................................................... 19 Exide Pakistan Ltd. ................................................................................................................... 21 Ghandhara Nissan Ltd. ............................................................................................................. 23 HinoPak Motors Ltd. ................................................................................................................ 25 Honda Atlas Cars...................................................................................................................... 27 Millat Tractors Ltd.................................................................................................................... 29 Pak Suzuki Ltd. ......................................................................................................................... 32 Analysis Report:............................................................................................................................... 34 Indus manages to keep costs consistent as it lures investors and rewards shareholders. ............. 34 Summary ......................................................................................................................................... 35 2 | Page Advanced Financial Management (2012) Executive Summary This report encompasses the use of the benchmarks identified taught to us in the Advanced Financial Management class of Summer Semester 2012. The following report gives an insight on the performance of Indus Motors Company in the year 2010. Indus motors are one of the largest in automobile sector of Pakistan. The report gives a detail analysis of the company from year 2005. Also there is comparison within the industry in past two years. For this purpose the key financial ratios, profitability ratios and key performance indicators are considered. By analysis it became obvious that Indus motor is prominent among its competitors, it shows high growth, consistent high gross profit margin and dividend payout ratio. The high earning per shares and consistent dividend payout ratio is pulling the investors to invest in Indus It starts off with an Industry Analysis of the Automobile and Parts sector of the Karachi Stock Exchange. Travelling further to the nearest competitor analysis. Our main company is Indus Motors; it is compared to the Industry averages and analyzed upon. Furthermore, the nearest competitors in terms of business and turnover to Indus Motors are Atlas Honda Ltd and Pak Suzuki. The three companies have been compared on the basis of a few important key performance indicators. The past performance trend analysis has been shown for each of the ten companies including Indus Motors. It encompasses sales growth, asset growth, net profit margins and performance measurements such as return on assets and return on equity, which the class has studied throughout the course. 3 | Page Advanced Financial Management (2012) Industry at a Glance – Taking the Bull by its horns Earning 4.39% NPBT of the Market Overall NPBT of listed Companies, which is PKR 13.6 billion, Motor Vehicles, Trailers and Auto Parts Industry showed quite impressive financial indicators, during 2010. Although, this industry’s average Earnings per share after taxes, which is PKR 9.54, were twice as higher than the Market Overall average, which is PKR 4.11, the industry still strives to attract more paid up capital, which increases by 2.39% from the previous year, but still holds 3.91% of the total investment in the stocks market. The total paid up capital increased during 2010 was PKR 49.7 billion, which is 10.38% of the previous year, whereas it increased by PKR 182.5 million for this industry, which is 2.39% of the previous year, yet, 0.37% of the total increase. Whereas, total shareholders’ equity increased by 10.30%, which is PKR 5.1 billion, supported the industry’s overall growth, but it is relatively slow. This can be considered as a foresighted result, of few unpredictable market fall outs, and economic crunches, which weakened the investors’ trust in the market and its mechanisms, and decreased overall growth in Investments. Two if its companies were rated amongst top 25 Companies, Atlas Battery Limited and Al Ghazi Tractors Limited, which were stone cold fox for the investors, and played a significant role in improving overall industries financial indicators. The Profitability Ratios of this Industry, that is ROA 12.55 times, ROE 26.97 times and ROCE 23.45 times, were relatively higher than overall Market Average, that is, ROA 8.15 times, ROE 23.88 times and ROCE 13.68, which makes this industry much more attractive and interesting to invest in. Now for the Capital Formation, the Industry of Motor Vehicles, Trailers and Auto Parts, maintained 53% of debt while market average was 65%, as it was largely financed by Shareholders Equity, which was 47% of the Total Assets. Its capital formation is composed of 48.48% of Current Liabilities, 4.80% of Non Current Liabilities and 46.63% of Shareholders’ Equity. Taking the bull by its horns was not easy, but even with weakened trust of investors in stock market and unstable and heavily fluctuating for-ex and commodity indices, which generate opportunity of earning higher margins, Motor Vehicle, Trailers and Auto Parts industry struggled and partially succeeded to run the matinée during 2010. Financial Comparison To generate acute and precise analysis and comprehension on this Industry, we have chosen ten companies, out of twenty two listed. Following are the financial comparisons, a lucrative approach to analyze the performance of the industry during 2010. Key Financial Ratios The industry’s current assets were 73.04% of the total, which were more than sufficient as they are 1.51 times of current liabilities, therefore overall the Industry capital formation can be considered strong. Whereas this is largely because of the capital structure of Al Ghazi Tractors limited, as it is in principal equity financed, showed a remarkable Current Ratio, that is 5.85:1, and lowest Debt Equity Ratio, that is 0.2:1. If we compare three key financial ratios of the industry with few companies, as shown in the histogram (Figure 1), we can easily identify the favorable outliers within them. Amongst them all Al Ghazi showed potency, as its Net Profit Margins were 19.42%, three times larger than industry average, which is 6.02%, and it owns 6.53% of the Total Industry Assets. According to Performance Ratios, Al Ghazi Tractors Limited performed well during 2010, and it stands with a strong liquidity characteristics. 4 | Page Advanced Financial Management (2012) With a little low current ratio of 1.42:1 as compared to 1.51:1 of the industry and relatively higher Debt to Equity Ratio at 1.67:1 as compared to the industry average of 1.14:1, still Millat Tractors Limited followed Al Ghazi, by earning NPM almost three times the industry average, which is 16.18%. Its total Assets were 10.38% of the Industry Total, which is PKR 4.5 billion higher than Al Ghazi. 25.00 20.00 Industry Overall Al Ghazi Tractors 15.00 Atlas Battery Atlas Honda 10.00 Exide Pakistan Ghandhara Nissan 5.00 HinoPak Motors Honda Atlas Cars Indus Motors 0.00 Current Ratio Debt Equity Ratio Net Profit Margin Millat Tractors Pak Suzuki (5.00) (10.00) Figure 1: Key Financial Ratios Indus Motor with 23.13% of the total Industry Assets, largest asset size, was trying to catch up Millat and Al Ghazi, with 8.72% NPM. Whereas, current ratio of 1.67:1 as compared to 1.51:1 of the Industry and Debt to Equity Ratio of 1.16:1 as compared to1.14:1 of the Industry demonstrated that Indus is relatively
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